Europe is on edge, more so now that the U.S. has approved a $61-billion aid package to Ukraine after much stalling. The spy dens of the Cold War are back in operation, and the propaganda machines are running in full force, far beyond anything the Cold War could have produced and spread. Germany has detained two suspected Russian spies for allegedly planning to sabotage U.S. military facilities there. Germany has also arrested four others for spying for China. One of those arrested was tied to the top candidate for European elections in June for…

ExxonMobil (NYSE: XOM) reported on Friday underwhelming earnings for the first quarter that were lower than consensus estimates, due to declining natural gas prices and refining margins and non-cash adjustments. The U.S. supermajor booked first-quarter earnings of $8.2 billion, down from $11.4 billion for the first quarter of 2023. Earnings per share were $2.06 for the first quarter of 2024, down from $2.79 for the same period last year. Exxon’s Q1 2024 earnings per share were below the analyst consensus forecast of $2.19 compiled…

Phillips 66 (NYSE: PSX) reported lower-than-forecast profits for the first quarter of the year, as refining margins halved from the year-ago period and refinery maintenance affected product sales. The U.S. refiner reported on Friday first-quarter earnings of $748 million, down from $1.3 billion for the fourth quarter and $1.96 billion for the first quarter of 2023.   Adjusted earnings per share for Q1 2024 came in at $1.90, below the analyst consensus estimate of $2.20 in The Wall Street Journal. Lower refining margins…

The fact that a record 90% share of all new car sales in Norway are electric has failed to make any impact on the country’s oil demand, indicating that hopes of rising EV uptake making an immediate dent in global oil demand are unrealistic.   Last year, 82.4% of all new passenger cars sold in Norway were fully electric, up from 79.3% in 2022, according to the Norwegian Public Roads Administration and the Norwegian Road Federation (OFV). This share has jumped to over 90% this year, but the impact on Norway’s oil demand…

The global economy is likely to continue on its current strong course, according to a poll among economists conducted by Reuters. While this is bullish for oil, some of the implications will likely keep prices range-bound. Global GDP growth could reach 2.9% this year, the 500 respondents Reuters polled said. This means that central banks will be hard put to start cutting rates, meaning borrowing costs will remain elevated for longer. "We are continuing to be surprised by the resilience of the global economy. Now, part of that is we entered…

China’s dominance over EV supply chains risks making U.S. subsidies for the industry unusable, South Korea has said. Subsidies for EV manufacturing, including components, under the Inflation Reduction Act seek to reduce sourcing from China. Yet China controls almost the entire EV supply chain. This means few if any companies involved in EV manufacturing in the U.S. would be able to benefit from the incentives, South Korea’s trade minister told the Financial Times. According to data from Benchmark Minerals Intelligence, Chinese…

The entire base metal complex has been bullish in the current year, led by a 37% surge by tin and 17% by copper despite a weaker Chinese market and the U.S. dollar strengthening against major world currencies. Last week, copper prices soared to a two-year high just shy of $10,000 per ton largely spurred by a combination of positive investor interest--as evidenced by increasing bullish positions in Comex futures--and supply concerns due to mine-supply downgrades. Still, the Chinese market continues to send mixed signals. On one hand, macro…

U.S. natural gas producers and shippers could be one of the big winners of the latest advances in Artificial Intelligence.  The surge in data centers amid the booming AI technology development is set to lead to higher U.S. natural demand and prices by the end of the decade, according to investment bank Tudor, Pickering, Holt & Co.    Natural Gas To Meet Some of Power Demand Spike Electricity demand to power the data centers is soaring and so is demand for grid connections. While many tech companies prefer to power their AI development…

Heat pumps are hotting up as governments worldwide search for alternatives to gas boilers. They can both warm and cool buildings and are powered by electricity, rather than fossil fuels, helping to decarbonise homes and offices. Governments worldwide are beginning to invest heavily in the technology as they strive to trade old boilers out for innovative heat pump technology to support a green transition. We have long relied on fossil fuels to heat residential and office buildings. Most boilers continue to be powered by natural gas, which contributes…

University of Michigan engineers have designed new chemical reactor to make an important ingredient for plastics, adhesives, carpet fibers, household cleaners and more from natural gas. The idea could reduce manufacturing costs in a post-petroleum economy by millions of dollars. The research paper has been published in the journal Science. The reactor creates propylene, a workhorse chemical that is also used to make a long list of industrial chemicals, including ingredients for nitrile rubber found in automotive hoses and seals as well as blue…

Chevron launched its first production at its Tengiz oilfield expansion project in Kazakhstan on Thursday, with completion of the final phase of the expansion set for the first half of next year, enabling an additional 260,000 barrels per day of crude oil output, or an additional 12 million tons per year.  “This is a significant step towards completion of the Future Growth Project (FGP). It is also important progress for the modernization of the existing base business at Tengiz and demonstrates TCO’s commitment to safely and reliably…

Via SchiffGold.com, What is Nvidia? If you’re a committed gamer the question may sound like nonsense. Nvidia, which was founded in 1993, is a tech company that makes GPUs and other products. It originally specialized in making products for the video game industry, that assisted in 3D rendering. If you were a committed gamer, you probably owned their products. If you weren’t, you might not have heard of them. But with sudden advances in artificial intelligence, it has been everywhere in the news because its products can also be used…

Saudi Aramco has sealed a sponsorship deal with FIFA, the International Federation of Association Football, through 2027, after winning a bidding process last October in which it was the only sponsorship candidate, the Associated Press reports. With the new deal, Aramco becomes a “Major Worldwide Partner of FIFA”, which gives it sponsorship rights for FIFA Men’s World Cup 2026 and Women’s World Cup 2027. “Through this partnership with FIFA we aim to contribute to football development and harness the power of sport…

Saudi Aramco has sealed a sponsorship deal with FIFA, the International Federation of Association Football, through 2027, after winning a bidding process last October in which it was the only sponsorship candidate, the Associated Press reports. With the new deal, Aramco becomes a “Major Worldwide Partner of FIFA”, which gives it sponsorship rights for FIFA Men’s World Cup 2026 and Women’s World Cup 2027. “Through this partnership with FIFA we aim to contribute to football development and harness the power of sport…

Saudi Aramco has sealed a sponsorship deal with FIFA, the International Federation of Association Football, through 2027, after winning a bidding process last October in which it was the only sponsorship candidate, the Associated Press reports. With the new deal, Aramco becomes a “Major Worldwide Partner of FIFA”, which gives it sponsorship rights for FIFA Men’s World Cup 2026 and Women’s World Cup 2027. “Through this partnership with FIFA we aim to contribute to football development and harness the power of sport…

When the presidents of Azerbaijan and Russia met on April 22 at the Kremlin, it wasn't Nagorno-Karabakh, Ukraine, or Iran that took center stage. It was the 50th anniversary of a Soviet railroad construction project. The occasion for the visit, at least officially, was to mark the 1974 start of construction of the Baikal-Amur Mainline (BAM) railway in the Russian Far East. The project was headed by Heydar Aliyev, in his role as first deputy chairman of the Soviet Union's Council of Ministers. Fifty years later that Aliyev's son -- Ilham Aliyev,…

Energy firms held by Czech billionaire Daniel Kretinsky have reported core earnings of $7.8 billion (7.3 billion euros) for 2023, Reuters reported on Thursday.   The energy assets of Kretinsky’s EP Corporate Group include the flagship energy holding EPH, which reported today core earnings – or earnings before interest, tax, depreciation, and amortization (EBITDA) – of $3.85 billion (3.6 billion euros). This was down by 17% compared to the record EBITDA from 2022, when oil and gas prices surged following the Russian…

Energy firms held by Czech billionaire Daniel Kretinsky have reported core earnings of $7.8 billion (7.3 billion euros) for 2023, Reuters reported on Thursday.   The energy assets of Kretinsky’s EP Corporate Group include the flagship energy holding EPH, which reported today core earnings – or earnings before interest, tax, depreciation, and amortization (EBITDA) – of $3.85 billion (3.6 billion euros). This was down by 17% compared to the record EBITDA from 2022, when oil and gas prices surged following the Russian…

The mining world is all aquiver this morning at talks of a potential mega-deal from BHP to buy up London-listed miner Anglo American. Metals miner Anglo has been seen as a potential takeover mark since its share price took a sharp dive last year on the back of weak production forecasts. But just hours after the news was confirmed by Anglo this morning, its share price has jumped by more than 12 per cent, effectively erasing the losses of the last 12 months. So what do analysts think Anglo has to offer BHP? Principally, the play would make BHP’s…

Hertz Global Holdings Inc (NASDAQ: HTZ) has raised the number of electric vehicles it plans to sell this year as it is cutting its EV fleet to reduce losses that have weighed on the car rental giant’s earnings. In the first quarter, Hertz upsized its EV disposition plan by 10,000 vehicles, for a total of 30,000 EVs intended for sale in 2024. Most of these EVs will be Teslas. The company incurred a $195 million charge to vehicle depreciation to write down the EVs held for sale which were remaining in inventory at quarter-end to fair value…